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Government may step in to secure PFI Funding

12 February 2009
On 12th February the House of Commons liaison committee confronted the Prime Minister about problems in raising finance for Private Finance Initiatives (PFI). Gordon Brown was challenged from both sides of the house – Barry Sheerman – MP for Huddersfield (Lab) and Edward Leigh – MP for Gainsborough (Con) about the effect that the credit crunch is having upon some of the projects. Barry Sheerman claimed that some of the PFI projects were in jeopardy due to banks being unprepared to offer the 25 years of funding which was required to make the initiatives successful. The matters may have been brought to a head as a result of delays in Greater Manchester with a multi billion pound waste disposal contract. The contracts with Laing and Viridor have been held up by problems in raising finance. Gordon Brown responded that many of the Private Finance Initiatives were going ahead as planned but that he acknowledged there were some issues. Mr Brown continued that he and his government would look at the projects that were having problems raising finance and endeavour to help. The Prime Minister alluded to the fact that the Treasury would be looking at measures to help out. There will be no immediate solution however as a parliamentary recess means that any solutions would be unveiled in weeks not days. Mr Brown did however state that there were a number of banks he had lined up who were prepared to provide help in raising finance for these projects.
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